Bankruptcies stay on your credit reports for up to seven or 10 years from the original filing date, depending on which type you filed. Unless the bankruptcy is listed incorrectly, you can’t remove it from your credit reports before the seven- or 10-year mark. We’re not lawyers and we don’t give legal advice, but if you feel that a bankruptcy was listed incorrectly and it’s affecting your credit score, we can explain what you need to do to remove it.
Disputing a Bankruptcy on Your Credit Reports
The process of removing a bankruptcy from your credit reports – or any other negative information deemed false – is referred to as disputing an error. It’s your responsibility to dispute errors and reach out to the reporting credit bureau(s) to have them fix the issue(s). Disputing an error is simple, but the credit bureau(s) determine whether or not an item is removed.
To successfully dispute an error, you need to send the credit bureau(s) a letter, or file a dispute form online. When you file, it’s extremely important you list the error(s) you want to dispute, and provide documented evidence that backs up your claim that it’s listed incorrectly. For example, in the case of a bankruptcy that’s still listed on your reports more than seven or 10 years after your filing date, you should attach a copy of your bankruptcy paperwork showing the date you filed.
When you send in a dispute, the credit bureau(s) legally has to investigate your claim. They’re given 30 days to review your dispute and come up with a decision, which they send via a letter in the mail or online to your email address. If the credit bureau(s) doesn’t respond to your dispute within the 30 days, the information you disputed must automatically be removed from your credit reports.
If they respond and find the information is correct, nothing changes on your credit reports. If it’s incorrect, the credit agency sends you an amended copy of your credit report(s) and notifies anyone who checked your credit within the past six months about the error.
Can I Get a Car Loan after Bankruptcy?
What if you couldn’t dispute your bankruptcy, but wanted to get a car loan? The good news is you’re not down for the count just because you have a bankruptcy listed on your credit reports. There are lenders that are willing to work with consumers like you looking for a post-bankruptcy auto loan.
In most cases, you’re going to need to work with either a subprime lender or buy here pay here (BHPH) dealership. Both offer bad credit car loans, but have different requirements that need to be met.
For example, subprime lenders look to see that you meet their credit, income, employment, and residence requirements. BHPH dealers, on the other hand, generally don’t even check your credit, and instead base approvals on only your income.
Need an Auto Loan? We Can Help
The bottom line is that unless the bankruptcy was listed incorrectly, you can’t remove it before the seven- or 10-year mark. Luckily, the impact of a bankruptcy on your credit lessens over time, and you can still qualify for a bad credit auto loan if you need one – you just need to work with the right lender and dealership, and we can assist with that.
Here at Auto Credit Express, we help consumers with no credit, bad credit, and even bankruptcy find financing thanks to our nationwide network of special finance dealers. We'll get right to work connecting you to a local dealership if you complete our free and fast car loan request form. Get started today!